Does your insurance need an update? 8 examples of when to revisit your policy

3 minute read

Whether you run a small business, you’re growing your consultancy, or you work in wholesale, insurance issues can fall off your radar pretty easily. Between work, home life and personal obligations, we’re sure you’ve got your plate full, so let us help out with one important administrative task: reviewing and renewing your insurance policy.

Change is constant – are you keeping up?

It’s a good idea to maintain a relationship with your insurance provider – they’ll be eager to hear about what you’ve been up to! Naturally, you’ll want to connect when your contract is about to expire, but it’s also important to reach out whenever you’ve made a change to your business.

If you haven’t yet taken a moment to assess how and where your business has developed over the last year, there’s no better time than now. You might be surprised at how your changing circumstances have affected your insurance needs, even if the changes seem minor to you.

Your coverage must match the value of your business, as it stands today. If you’ve added new elements or grown your operations, your business could be facing different risks, and your policy might require an update well before its expiry date to ensure you’re still protected.

Make sure your insurance is working for you

Introducing a new product or service, launching a new online platform, or expanding to new locations are all good examples of changes that could affect the value of your business, and by extension, your insurance needs. Remember that without the appropriate coverage, you’re more vulnerable to risk or a damaging loss.

If you’re planning to grow your business this year, it’s vital that you notify your insurance company before you begin to make any changes. Your policy might require some additions, subtractions or other modifications to reflect the change in your business, but you can count on your insurance representative or broker to walk you through any key considerations and the next steps to take. Working with an expert helps you to cover all your bases.

8 examples of times to revisit your policy

You probably don’t have a lot of time to spend combing through fine print or considering every potential challenge that could come your way. We’re here to help! The following events are perfect examples of opportunities to consider whether or not you might need to modify your coverage. If you find yourself in any of these or similar situations, it’s time to contact your insurance provider or your broker for a policy review.

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Hiring new personnel or replacing key employees

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Work space

Renovating your current space, adding a new location or moving primary locations

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Offering new products, services or expanding products into new markets

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New tenants around the business premises or changes to the neighbourhood

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Entering into new agreements or contracts with suppliers

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Purchasing new vehicles or replacing existing vehicles

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Investing in technology that makes your business, building or employees more secure

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Changing the ownership structure of your business

Your business will continue to evolve, and as it does, you’ll want to periodically review your support system. This means considering changes to your insurance coverage, but you may also want to update your risk management program – a professional consultation with a Northbridge risk management expert can go far when it comes to avoiding potential losses.

Are you ready to refresh your insurance policy? Request a quote!